Allianz Asset Management AG decreased its stake in shares of Legg Mason Inc (NYSE:LM) by 69.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,253 shares of the company’s stock after selling 38,509 shares during the period. Allianz Asset Management AG’s holdings in Legg Mason were worth $516,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. FMR LLC boosted its position in shares of Legg Mason by 21.9% in the fourth quarter. FMR LLC now owns 5,386,394 shares of the company’s stock valued at $161,108,000 after buying an additional 966,605 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of Legg Mason by 4,390.8% in the third quarter. Teacher Retirement System of Texas now owns 606,084 shares of the company’s stock valued at $20,292,000 after buying an additional 592,588 shares during the last quarter. Capital Fund Management S.A. purchased a new position in shares of Legg Mason during the third quarter valued at approximately $11,105,000. Dimensional Fund Advisors LP boosted its position in shares of Legg Mason by 8.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,193,091 shares of the company’s stock valued at $95,505,000 after buying an additional 247,544 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Legg Mason by 31.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 808,200 shares of the company’s stock valued at $27,059,000 after buying an additional 194,500 shares during the last quarter. Institutional investors own 78.75% of the company’s stock.
Shares of Legg Mason Inc (NYSE:LM) opened at 34.71 on Friday. The company’s 50 day moving average is $36.14 and its 200 day moving average is $33.05. The firm has a market capitalization of $3.38 billion, a PE ratio of 35.56 and a beta of 1.93. Legg Mason Inc has a 12-month low of $27.54 and a 12-month high of $38.99.
Legg Mason (NYSE:LM) last announced its quarterly earnings data on Wednesday, February 1st. The company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.14. The firm had revenue of $715.20 million for the quarter, compared to the consensus estimate of $714.13 million. Legg Mason had a return on equity of 3.94% and a net margin of 3.81%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.45 earnings per share. On average, analysts forecast that Legg Mason Inc will post $2.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Thursday, March 16th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.88 annualized dividend and a yield of 2.54%. Legg Mason’s dividend payout ratio is currently 87.13%.
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LM has been the subject of several recent analyst reports. Citigroup Inc decreased their target price on shares of Legg Mason from $40.50 to $40.00 and set a “buy” rating for the company in a report on Wednesday, January 25th. Zacks Investment Research upgraded shares of Legg Mason from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 17th. Bank of America Corp cut shares of Legg Mason from a “buy” rating to an “underperform” rating in a report on Friday, December 16th. Evercore ISI cut shares of Legg Mason from a “hold” rating to an “underperform” rating and set a $36.00 target price for the company. in a report on Friday, March 3rd. Finally, Jefferies Group LLC raised their target price on shares of Legg Mason from $37.00 to $39.00 and gave the stock a “buy” rating in a report on Thursday, February 2nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $39.78.
In other Legg Mason news, Chairman Joseph A. Sullivan sold 29,744 shares of the business’s stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $36.06, for a total transaction of $1,072,568.64. Following the completion of the sale, the chairman now directly owns 387,156 shares of the company’s stock, valued at approximately $13,960,845.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas C. Merchant sold 6,595 shares of the business’s stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $36.06, for a total value of $237,815.70. Following the sale, the vice president now directly owns 56,101 shares of the company’s stock, valued at $2,023,002.06. The disclosure for this sale can be found here. Insiders have sold a total of 1,216,339 shares of company stock valued at $37,736,384 over the last three months. Company insiders own 1.94% of the company’s stock.
Legg Mason Company Profile
Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.
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